Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured theequipment at a cost of $290,000 and lists a cash selling price of $333,293. Appropriate adjusting entries are made quarterly. (FV of $1,PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Related Information:Lease termQuarterly lease paymentsEconomic life of assetInterest rate charged by the lessorRequired:1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31,2021.Complete this question by entering your answers in the tabs below.Required 1 Required 25 years (20 quarterly periods)$21,750 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter5 years12%Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediatecalculations and final answer to the nearest whole dollar.)View transaction list13Record the beginning of the lease for Insight Machines.2 Record the lease payment received by Insight Machineson January 1, 2021.Record the lease payment received by Insight Machineson March 31, 2021.:X:Credit> Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured theequipment at a cost of $290,000 and lists a cash selling price of $333,293. Appropriate adjusting entries are made quarterly. (FV of $1,PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Related Information:Lease termQuarterly lease paymentsEconomic life of assetInterest rate charged by the lessorRequired:1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021.2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31,2021.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. (If noentry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediatecalculations and final answer to the nearest whole dollar.)View transaction list5 years (20 quarterly periods)$21,750 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter5 years12%234Record the beginning of the lease for Eye Deal.Record the lease payment made by Eye Deal on January1, 2021.Record the lease payment made by Eye Deal on March31, 2021.Record amortization of the right-of-use asset for EyeDeal.XCredit>

Accounting for leases is the practise of registering and disclosing in a company's financial…

Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. Complete this question by entering your answers in the tabs below.

Required: 1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. 2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2021, and on March 31, 2021. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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